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					</table><p>Solar module and pump manufacturer <a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a> has received two work orders from the Haryana Renewable Energy Development Agency (<a href="https://hareda.gov.in/" target="_blank" rel="noopener">HAREDA</a>) to supply, install, and commission 1,434 solar water pumping systems under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Yojana (PM-KUSUM).</p>
<p>The first work order comprises 845 solar water pumping systems valued at ₹264.9 million (~$3.19 million), falling under Component B of the program. Alpex Solar&#8217;s responsibilities encompass the comprehensive process from design to manufacture, supply, installation, testing, and commissioning of the solar water pumping systems.</p>
<p>Alpex Solar has also received a second work order for the supply, installation, and commissioning of 589 solar water pumping systems, worth ₹172.1 million (~$2.07 million) under Component B.</p>
<p>The work is expected to be commissioned by the first quarter of 2025.</p>
<p>Component B focuses on installing two million standalone solar water pumps, which will be used to irrigate farmland. The initiative aims to cover various categories of beneficiaries, including individual farmers, water user associations, cow shelters, farmer producers&#8217; organizations, primary agriculture credit societies, and community-based irrigation systems. However, priority will be given to small and marginal farmers.</p>
<p>Minister of Power R.K. Singh <a href="https://www.mercomindia.com/over-200000-farmers-pm-kusum-power-minister/" target="_blank" rel="noopener">told</a> Parliament that the PM-KUSUM program has benefited over 200,000 farmers as of February 2023. A solar capacity of 89.45 MW has been installed under Component-A of the program. Approximately 209,000 pumps have been reported as installed or solarized under Components B and C.</p>
<p>Haryana had the third highest number of beneficiaries among states, with 44,325 farmers enrolled in the program.</p>
<p>Last July, HAREDA <a href="https://www.mercomindia.com/haryana-subsidies-solar-pumps-kusum/" target="_blank" rel="noopener">announced</a> subsidies of up to 75% for solar pumps ranging from 3 HP to 10 HP capacities under the KUSUM program for the year 2023-24. For solar pumps with a capacity between 3 HP and 7.5 HP, the farmer&#8217;s share of the cost will be 25%, while the Ministry of New and Renewable Energy will provide a subsidy of 30% of the total cost, with the state government extending a subsidy of 45% of the cost.</p>
<p>For solar pumps with a capacity of 10 HP, the user share remains at 25% of the cost. However, the MNRE subsidy is limited to 30% of the cost applicable for pumps up to 7.5 HP. The state government subsidy will cover the remaining portion of the user share and MNRE subsidy.</p>
<p>Subscribe to Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Alpex Solar Bags Solar Pumps Orders Worth ₹437 Million in Haryana


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					</table><p>Greater Noida-based solar module manufacturer <a href="https://alpexsolar.com/" target="_blank" rel="noopener">Alpex Solar</a>’s ₹745 million (~$8.9 million) maiden initial public offering (IPO) of 6.48 million equity shares was subscribed 303 times with significant interest received from qualified institutional buyers (QIB), high net worth individuals (HNI) and retail investors.</p>
<p>The QIB portion of the issue was subscribed 133 times, the HNI quota was subscribed 471 times, and the retail investors&#8217; quota was subscribed 329 times, bringing the overall subscription to 303 times.</p>
<p>The price band of the issue was set at ₹109-₹115 (~$1.31- $1.39) per equity share with a face value of ₹10 (~$0.12).</p>
<p><a href="https://www.ccvindia.com/" target="_blank" rel="noopener">Corporate Capital Ventures</a> is the Book Running Lead Manager, and <a href="https://www.skylinerta.com/" target="_blank" rel="noopener">Skyline Financial Services</a> is the Registrar to the Issue. The shares will be listed on NSE (National Stock Exchange) Emerge.</p>
<p>Alpex Solar intends to utilize ₹195.5 million (~$2.34 million of the net proceeds from the IPO to upgrade and expand its existing solar module manufacturing facility, increasing its capacity from 450 MW to 1.2 GW.</p>
<p>It plans to use ₹129.4 million (~$1.55 million) to set up a new manufacturing unit for its solar modules aluminum frames for its solar module, ₹204.9 million (~$2.4 million) to meet its working capital requirements, and the remaining capital to be used for general corporate expenses.</p>
<p>Alpex Solar manufactures solar photovoltaic modules using monocrystalline and polycrystalline cell technologies. Its product portfolio comprises bifacial, Mono PERC, and half-cut modules. It also offers solar energy solutions, including engineering, procurement, and construction of AC/DC solar pumps.</p>
<p>The company’s modules <a href="https://www.mercomindia.com/mnre-adds-projects-almm-including-open-access" target="_blank" rel="noopener">find</a> a place in the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.</p>
<p>The company has a manufacturing facility spread over 7,700 square meters in Greater Noida with a 450 MW capacity, which can be further expanded to 2 GW within the same infrastructure.</p>
<p>Last December, Waaree Energies <a href="https://www.mercomindia.com/waaree-raise-%e2%82%b930-billion-ipo" target="_blank" rel="noopener">filed</a> draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO to part finance a 6 GW ingot, cell, wafer, and module manufacturing facility.</p>


Module Maker Alpex Solar to Use IPO Proceeds to Expand Manufacturing

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